is the portfolio manager. He came from Pershing Square and one of his situations now is [TICKER: DIN ] DineEquity , the Applebee ' s and IHOP franchises. The company just did a refranchising initiative. They are 99% franchised, so the company

manager. He came from Pershing Square and one of his situations now is [TICKER: DIN ] DineEquity , the Applebee's and IHOP franchises. The company just did a refranchising initiative. They are 99% franchised, so the company is essentially just a royalty stream of

weight of 5%. DineEquity doubled in ..... addition, more Applebee ’ s stores were ..... the debt that DineEquity took on when it purchased Applebee ’ s . On the operating ..... improvement at Applebee ’ s . The company ..... family dining ( IHOP ) and casual

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